Local Market News
Latest RMLS Market Action - Current 2008 Stats
Some say that it is a great time to buy! People are waiting for the bottom to hit, and that time is close... BUT, it may or may not be the most important factor when buying property. Considering that interest rates are increasing as time moves forward, a slightly lower price on a piece of property can sometimes still lead to a higher monthly cost when considering the interest percentage.
In addition, many economists are forecasting an upswing in the local market during the upcoming years. Even PMAR's chief economist recently stated that the Portland Metro area will likely see an 30% price increase over the next 5 years. Its definitely a buyer's market in Portland, but interest rates are on the rise, which contributes to the overall equation of affordability.
Those who continue to wait may just miss out on any opportunity as available funds become harder to come by and the pendulum swings back in favor of the seller.
There’s some good news this month:
July sales activity mirrored June's numbers in 2008, there was a 0.4% increase in pending sales (2,003v. 1,996) - the second straight month of increasing sales. New listings also grew a slight 0.5% (5,237 v. 5,213). Closed sales, however, slightly lowered 2.5%.
% Change reports from RMLS continue to remain strong in North Portland (up 5.1%) and NE Portland (up 4.1%), suggesting an increase in the rolling average sales prices as compared to last year. Some specific areas have a higher percentage reporting number, when compared to last month.
Check out the complete RMLS Market Action Report - and remember, please do not be intimidated by the length, only the first four (4) pages pertain to the Portland Metro Area.
(If your browser doesn't automatically load it, Click on the picture to get a pdf download of the latest local RMLS Market Action... you may need to "allow" this download by clicking the message in the information bar if using Internet Explorer 7 )
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